4:05pm: Wall Street powers to new record highs
US stocks kept up momentum on Thursday afternoon, leading the tech-heavy Nasdaq to new record highs.
The new name on investor's lips this afternoon? Meta, the newly-rebranded Facebook Inc (NASDAQ:FB), which Mark Zuckerberg revealed Thursday. Although Facebook won't start trading as Meta (under the symbol 'MVRS') until December, investors sent the tech company's share price up 1.51% at the close, although the stock lost some of its gains in aftermarket trading.
At the close, the Nasdaq reached new highs of 15,448 points for a 1.39% gain on the day, while the S&P 500 was up 0.98% to close at 4,596 points and the Dow Jones also saw an increase of 0.68% to close at 35,730 points.
12.05pm: Tech sector continues to lead equity gains
US stocks advanced in noon trading as the Nasdaq hit another intraday record high on weaker-than-expected 3Q GDP growth.
At midday, the Dow rose 138 points to 35,629, while the S&P 500 gained 34 points at 4,585 and the tech-heavy Nasdaq climbed 165 points, or 1.1%, to 15,401.
“Earnings have helped and a reminder that US reporting so far has been better than the long-term average in terms of beats,” Deutsche Bank head of thematic research Jim Reid said.
“It has still been healthier relative to some of the stagflationary gloom stories seen through September and early October which has perhaps helped the relief rally,” Reid added.
Notable movers included shares of Ford Motor Company (NYSE:F), which gained nearly 10% after the automaker said increased availability of semiconductors during the quarter allowed it to boost production.
In economic news, GDP growth for the third quarter came in at 2.0%, below the 2.8% expected.
11.51am: Proactive North America headlines:
DRDGOLD prepares its mine tailings facilities for the “next growth phase”
Exactus says FINRA approves name change to Panacea Life Sciences Holdings (OTCQB:EXDID), Inc which became effective today
Tartisan Nickel nearing the finish line of its drill program at Kenbridge nickel project; shares start trading on OTCQX
Levitee Lab announces acquisition of addiction clinics, pharmacies for expanding its pain and addiction relief services
The Valens Company (TSX:VLNS, OTCQX:VLNCF) strikes deal with Aurora to manufacture seasonal Canna Cane mints offering
PyroGenesis Canada selected to provide $9.2M system to destroy harmful PFAS in drinking water
ImagineAR client Real Sociedad launches its Augmented Reality app for immersive fan experience
Clean Seed Capital welcomes mention by Lieutenant Governor of Saskatchewan in his throne speech
Aurania Resources gets set to drill promising new area of silver-zinc mineralization at the Tiria-Shimpia target in Ecuador
Esports Entertainment submits its transactional waiver to New Jersey Division of Gaming Enforcement
Electric Royalties receives first cash flow from its Middle Tennessee Mine zinc royalty interest
Forward Water Technologies (TSX-V:FWTC) says common shares start trading on the TSX Venture Exchange
NEXE Innovations launches its first first coffee pods which are compatible with Keurig single-serve brewing systems
SoLVBL Solutions says Amazon Web Services successfully completes technical review of its cryptographic cybersecurity product Q by SoLVBL
Playgon Games (TSX-V:DEAL, OTCQB:PLGNF) says updated player activity at its live dealer tables through to October 27, 2021, surpassed $54 million in player betting turnover
Therma Bright says 'on track' for FDA approval of its COVID-19 rapid antigen saliva test, AcuVid
Nextleaf Solutions signs agreement for wholesale distribution and supply of Glacial Gold in the Province of Saskatchewan
Bhang partners with Lyfe Productives to further develop and add to its THC edible offerings
FansUnite Entertainment says its Brazilian brand, Vamosgg.com sees massive site traffic surge as PGL Major 2021 commences in Stockholm
Else Nutrition expands product offerings on iHerb to include plant-based kids shake mix
BioVaxys Technology files international application with Patent Cooperation Treaty for CoviDTH
Aurion signs definitive option agreement with B2Gold on Kuortis property
Gold Resource delivers strong 3Q profit and revenue as higher gold grades offset temporary coronavirus-related shutdown
Boosh Plant-Based Brands begins its US expansion with the first shipment of 16,000 units to its US distribution warehouse
Cabral Gold says latest drilling at Cuiú Cuiú has expanded gold-in-oxide blanket at PDM target
i-80 Gold intersects high-grade gold in underground drilling at Granite Creek in Nevada
Marble's Inverite enters data verification agreement with Home Owner Soon Financial
HempFusion (TSX:CBD.U, OTCQX:CBDHF) Wellness to launch CBD products in Arizona retail market through key grocery channel
Pure Gold Mining intersects high-grade gold at its mine in Red Lake, Ontario
American Manganese completes Wenden stockpile material reclamation and advanced material processing project in Arizona
Greenrose Acquisition says shareholders approve business combination
Plurilock submits documentation filing for US patent application
Versus Systems to power interactive in-venue fan engagement experience for NHL’s Anaheim Ducks
Vicinity to showcase vehicles at APTA TRANSform Conference and EXPO
Manitou Gold hits high grade gold with two step-out holes at recently discovered Bald Eagle gold zone at Goudreau
African Gold receives milestone environmental permit approval for its Kobada Gold Project in Mali
CytoDyn says US FDA accepts revised rolling review timeline for resubmission of its biologics license application
9.41am: US stocks start higher
Wall Street started on the front foot Thursday as investors appeared to shrug off news that US growth had slowed sharply in the third quarter.
In early New York deals, the Dow Jones Industrial Average (DJIA) added around 178 points to stand at 35,669.
The S&P 500 gained around 24 points at 4,576. The technology-laden Nasdaq added around 69 points at 15,305.
US gross domestic product (GDP), which pulls together the value of all goods and services produced by an economy, grew 2% in the three months to end- September, according to official data.
"With a slight slowdown to 2% growth in GDP for the 3rd quarter, versus 6.7% previously, the U.S. economy has moved further out of ‘recovery mode’ as personal spending normalizes, and disposable incomes decrease from pandemic highs, noted Caleb Thibodeau - associate at Global Capital Markets for Validus Risk Management.
"This is evident in the GDP breakdown this quarter with personal consumption expenditure on goods being the largest drag downwards.
"The consumption of durable goods sticks out as the largest negative contribution to the overall Q3 GDP figure," he added.
"While this makes sense in the context of reduced stimulus to main street, the continued supply constraints in the manufacturing sector and availability of these goods such as vehicles, may also be a factor."
6.30am: US stocks seen opening higher
US stocks are expected to start higher on Thursday recovering after a four-day winning streak for the blue-chip Dow Jones Industrials Average was halted in the previous session as the prospect of higher interest rates and weaker global growth overshadowed upbeat corporate earnings.
Investors will also be watching for US third-quarter growth data, due for release before the market opens.
Dow futures rose 0.06% in Thursday pre-market trading, while the broader S&P 500 index gained 0.16% and those for the tech-heavy Nasdaq 100 added 0.38%.
US equity markets reversed course on Wednesday afternoon after the Bank of Canada (TSX:B of C) took a more hawkish stance, ending its quantitative easing (QE) purchases and moving forward the indicated timing of its first rate hike from the second of 2022 to the “middle quarters”. That resulted in a drop in long bond yields and equities.
At the close, the Dow was down 266 points, or 0.74%, to 35,491, while the S&P 500 eased 23 points to 4,552 and the tech-heavy Nasdaq Composite was flat at 15,236.
“Concerns seem to be mounting over rising inflation prompting central banks to tighten monetary policy at a time when the global economy is still recovering from coronavirus (COVID-19),” said Lukman Otunuga, senior research analyst at FXTM.
“This unease may be reflected in risk sentiment with European and US stock futures mixed ahead of another busy day for financial markets. There is certainly a lot on the plate, ranging from the European Central Bank meeting and updated earnings from tech titans to the third quarter US GDP report among other key economic data.”
Otunuga noted that according to Bloomberg estimates, US economic growth for the July-September quarter will dip sharply to 2.6%, compared to the 6.3% witnessed in the first quarter and 6.7% seen in the second quarter.
“The sharp decline in growth may be attributed to labour constraints, supply chain disruptions, and rising delta variant cases,” he said.